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FinCEN fines a Bitcoin mixer operator a $60 million civil money penalty

bitcoinschannel.com

Larry Dean, who is also facing money laundering charges, has been penalised with a $60 million fine by the Financial Crimes Enforcement Network (FinCEN) It is the first time the FinCEN has levied a penalty against a Bitcoin mixer, as detailed in a press release. Bitcoin mixers are used to jumble individual users’ coins with other users’ coins to preserve transaction privacy.

The Financial Crimes Enforcement Network claims that he achieved this via more than 1 million different Bitcoin transactions. The investigation conducted by the enforcement network led to the discovery of about 356,000 Bitcoin transactions through Helix that was run by Dean.

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